Ministry to fund Khalifa Housing Programme for Emiratis
The Ministry of Finance and Industry will help by funding Dh 6billion towards construction of homes for emirates, from various banks operating in UAE, announced a top official.
This initiative is a part of expansion of the Khalifa Housing Programme, which received Dh.1.28billion during federal budget 2008 (an increase from Dh.640mn allocated in 2007).
The Minister of State for Finance and Industry, Khalfan Bin Kharbash said “The ministry is trying to find the best alternative to finance the remaining part of the project through bank loans. The Ministry will guarantee UAE nationals in their endeavors to obtain housing loans from banks, apart from interest due.
The citizen will get a settlement period, which extends beyond 20 years.
The programme will be carried out under the guidance and instructions of H.H. Shaikh Mohammad bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, and Ruler of Dubai, who has ordered the construction of 40,000 homes for nationals within the next four years.
Kharbash said, banking sector is a strong pillar for the country’s progress, and its economic development. The Shaikh Zayed Housing Programme will carry out the necessary appraisals of housing applications as per the established rules and criteria, and will allocate the funds to selected beneficiaries. The rest will be financed through loans from banks.
Posted on 11/2/2008
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